Ringgit breaks five-day winning streak to end lower against US dollar

For the week just-ended, the ringgit was traded mixed against the US dollar amid concern over the possible interest rate hike by central banks around the world to curb rising inflation. — AFP pic

Wednesday, 22 Jun 2022 6:39 PM MYT

KUALA LUMPUR, June 22 — The ringgit snapped a five-day winning streak to close lower today due to profit taking, said an analyst.

At 6pm, the local currency slipped against the greenback to 4.4050/4065 from yesterday’s close of 4.3945/3980.

The analyst said the ringgit would continue to see volatility against its US counterpart as growing fears of a recession make market participants defensive, leading to a higher demand for safe-haven currencies.

“In addition, the falling oil prices on worries that demand for the commodity will take a hit from a possible recession, also weighed on the ringgit’s performance today,” he said.

At the time of writing, benchmark Brent crude oil stood at US$109.8 per…

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